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The price of Stacks (STX) has risen more than 11% in the last 24 hours, reaching highs of $2.37, making it the best-performing cryptocurrency of the day, according to data from CoinMarketCap. With a 14% increase in value, STX outperformed other cryptocurrencies such as Floki (FLOKI), ORDI (ORDI) and Cronos (CRO).

STX’s surge was also accompanied by a spike in daily trading volume, with more than $275 million worth of tokens traded in the last 24 hours. In comparison, FLOKI rose 10% over the same period with a trading volume of $1.2 billion.

In the last three days, Stacks has seen an increase of almost 30%, accumulating gains of 305% in the last year. This increase coincides with the rise of Bitcoin, which reached the US$71,000 mark and caused other altcoins, such as BNB, to reach new all-time highs.

Over the past year, the price of Bitcoin has risen more than 170%, reaching an all-time high of $73,000 in March.

Stacks Price

Stacks, a Layer 2 Bitcoin project, is witnessing significant momentum thanks to the growth of its smart contract ecosystem. As a leading Bitcoin L2, Stacks has been attracting attention with important projects that are bringing the value of the decentralized finance (DeFi) ecosystem to BTC.

Data from DeFi Llama shows that the Total Value Locked (TVL) on Stacks has increased by more than 400% in the last year. TVL is currently at $126 million. While this TVL is still small compared to leading DeFi platforms, its growth highlights the potential of projects like Bitflow Finance, Zest Protocol, and Stacking DAO.

STX price also rose amid positive news in the cryptocurrency market. Earlier this year, Stacks reached a new all-time high of $3.86, driven by the euphoria surrounding spot Bitcoin ETFs.

Recently, the token saw a surge after Grayscale Investments announced the Grayscale Stacks Trust, which will focus exclusively on investing in STX.

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